Matalan like for like sales down
05 July 2006 08:52
Matalan has released its AGM trading statement, showing a 1.1% fall in like-for-like growth. Matalan added that the trading environment was "tough" with total sales falling by 0.5%, partly due to the closure of some stores for re-fitting. However, the demand for World Cup related products improved the company’s total like-for-like sales over the last nine weeks. Chief executive John King said: "Whilst we are encouraged by improvements being made across the business, we continue to trade in a difficult marketplace and are planning accordingly." Matalan also announced that non-executive and senior independent director Robert Shrager is to retire as of today and that his post as senior independent director would be filled by deputy chairman Geoff Brady. Meanwhile, it has been reported that Harris Associates, Matalan's biggest institutional shareholder, is to vote against the re-election of John Hargreaves at today's AGM. This decision is thought to stem from revelations that the chairman is planning an offer for the retailer he founded.
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